caresyntax Raises $45.6 Million in Fresh Capital, Bringing Total to $77.5

6 months ago

Financing Will Accelerate Further Development and Deployment of caresyntax’s Advanced Surgical Intelligence and Automation Technologies

Open Platform for the Surgical Ecosystem Aims to Manage Surgical Risk and Improve Outcomes for Medical Device Vendors, Insurers and Health Systems

BOSTON–(BUSINESS WIRE)–caresyntax, a pioneer in surgical automation, quality analytics and AI, today announced the close of $45.6 million in new financing from Whiz Partners, a Takeda-backed Drug Discovery Gateway Investment Limited Partnership (“DDG Fund”), Plug and Play, Barco Healthcare, Mitsubishi Corporation, Relyens, IPF Partners and caresyntax founders. This investment follows an earlier raise of $31.9 million led by Norgine Ventures and surgical.AI in June 2018, for a total of $77.5 million. The new capital will be used to accelerate caresyntax’s next phase of growth domestically and internationally, and support further development and deployment of surgical intelligence and automation technologies that benefit stakeholders across the surgical ecosystem.

caresyntax is working to make mission-critical health care settings such as surgery, interventional radiology and obstetrics smarter and safer. The company’s proprietary solutions leverage IoT, analytics and AI technologies to automate clinical and operational decision support for surgical teams, and support all outcome contributors in the delivery and management of risk-bearing contracts. By integrating data from medical devices, electronic health records, and other sources inside the OR into a unified data platform, caresyntax helps caregivers better identify and manage risk, increase workflow efficiency, reduce surgical variability and improve operational or clinical outcomes at the point of care. Today, caresyntax technologies are used in more than 7,000 operating rooms worldwide, and support surgical teams in over 10 million procedures per year.

The benefits of caresyntax’s platform extend well beyond the operating room. For medical device and robotics vendors, the real-world data captured by caresyntax applications can be fed back to a provider’s learning systems to inform device improvements and design, and enable better tracking and reporting on device performance. For insurers, caresyntax solutions support data-driven underwriting decisions and risk-adjusted premium pricing, mitigate risk during the perioperative workflow, enable better and more cost-effective claim investigation, and facilitate the use of value-based contracts through trusted, neutral data systems and effective KPI measurements.

“We are thrilled to bring on this group of leading healthcare investors and will benefit from their insights and expertise,” said Dennis Kogan, Co-Founder and Chief Executive Officer of caresyntax. “The ability to collect and analyze real-world clinical data is creating tremendous opportunities to improve patient care and business outcomes throughout our global health systems. We are passionate about making surgery safer for patients and more efficient and affordable for clinicians, health systems and insurers. We look forward to continuing to enhance our technology offering as we expand into even more operating rooms around the world.”

“caresyntax has created a unique, proprietary platform that enables insurers like Relyens to leverage real-world data to offer complete, tailor-made risk management solutions to our clients,” said Pierre-Yves Antier, Head of Strategy, Innovation and Transformation for Relyens. “We deeply admire caresyntax’s leading team of expert professionals and are proud to support the company as they continue to execute on their mission.”

“Through our partnership with caresyntax, we intend to expand the Barco Nexxis solution for digital operating rooms with caresyntax surgical automation and AI technologies to improve overall surgical decision making, efficiency and performance,” said Filip Pintelon, SVP, GM Healthcare at Barco. “We are excited to back caresyntax at this critical stage in the company’s growth cycle as it brings this important technology to more users across the globe.”

In the last year, caresyntax has launched key partnerships focused on accelerating research and development of its products and expanding its global reach, including with MC Healthcare, a subsidiary company of Mitsubishi Corporation, Barco Healthcare, Insel Gruppe AG and University of Wisconsin – Madison. Some partners enable caresyntax to collect clinical and usage data that will improve its software applications to enhance clinical performance, control surgical variation and directly support care delivery across a variety of surgical use cases. caresyntax works with some of the top healthcare providers, insurers and medical device vendors around the globe, including the University of California San Diego, the University of Strasbourg, Hill-Rom and Medtronic.

About caresyntax

caresyntax is working to make mission-critical health care settings such as surgery, interventional radiology and obstetrics smarter and safer. The company’s proprietary solutions leverage IoT, analytics and AI technologies to automate clinical and operational decision support for surgical teams, and support all outcome contributors in the delivery and management of risk-bearing contracts. By integrating data from medical devices, electronic health records, and other sources inside the OR into a unified data platform, caresyntax helps caregivers better identify and manage risk, increase workflow efficiency, reduce surgical variability and improve operational or clinical outcomes at the point of care. Today, caresyntax technologies are used in more than 7,000 operating rooms worldwide, and support surgical teams in over 10 million procedures per year. More information at www.caresyntax.com.